MMG proposes auditor change to enhance independence

MMG Limited, whose ultimate controlling shareholder China Minmetals Corporation is a state-owned enterprise, announced a proposed change of its independent auditor. The move is driven by requirements from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), which restricts the continuous service years of auditors for state-owned enterprises and their subsidiaries. MMG's current auditor, Deloitte Touche Tohmatsu (Deloitte), has been engaged since 2016.

Following a competitive public tender process, the board has resolved to propose the appointment of Ernst & Young as the new auditor for the financial year 2026. This appointment, recommended by the audit and risk management committee, is subject to shareholder approval at the annual general meeting (AGM) scheduled for 28 May 2026. Deloitte will continue to audit the company's financial statements for the year ending 31 December 2025.

Deloitte will cease to be MMG's auditor at the conclusion of the 2026 AGM. The company expects Deloitte to confirm if any matters connected with its retirement should be brought to shareholders' attention, though the board currently sees no such matters. The board expressed gratitude to Deloitte for its services.